False Value Hardware began 2016 with a credit balance of $32,700 in the allowance for sales returns account. Sales and cash collections from customers during the year were $690,000 and $650,000, respectively. False Value estimates that 7% of all sales will be returned. During 2016, customers returned merchandise for credit of $27,000 to their accounts What is the balance in the allowance for sales returns account at the end of 2016? O $54,000 O $75,300. O $48,300 O $5,700